Medicare insurance jobs pros and cons

[Wendy Forward]

Dear everyone, especially DonP

thank you so much for all of your input! I am attending a virtual interview with health IQ later on today. They are salary plus commission, and like Travis said they do pay $18-$19 an hour plus commissions, and even have stock purchase plan. They do have benefits. This seems the way to go for me, as I need a job right away, or am in danger of losing my apartment. Again thanks for all your input everybody, and if you have any recommendations of any other companies that have a good reputation for this type of position other than health IQ, please forward those names to me, because it would be a good idea to have more than one company that I’m looking into, just for comparison of what they are offering so that I can get the best position possible.

Wendy Forward

 

[Wendy Forward]

You guys really set me straight, and I really appreciate that, because I was looking into Medicare Gurus or Agent Boost, and they were completely 1099 and cost about $600 to get into, and I wouldn’t start selling for at least a month!

 

[sshafran]

I'm probably just echoing what others have said (didn't read it all).

If you do LOA, you shouldn't have as much up-front expense. So there is less risk. But, you also may never make $250,000 (yes, yes... I know... some people claim their LOAs do $250k but let's be real - that's R. A. R. E. and frankly, unlikely for most agents).

You could do north of $100,000 though as an LOA - and there's a good possibility of it. I know some shops treat their agents quite well and I know getting 100,000 as an LOA is likely. North of 200 is unlikely.

--

If you go full time, full control, on your own, not in an LOA - be prepared to spend a lot of time and money on marketing and selling. But the upside is really there. You can get great at it and have a very nice income.

Even if you aren't great (I'd put myself in that category - good, not a great), you can have an excellent income if you do it long enough and just stick with the program.

I'll outline the program for you:
- See people
- Ask questions
- Offer solutions
- Treat them well
- Rinse and Repeat

--

At the end of the day, this is how I would think of it.

• You can do LOA and earn $100k -- maybe have a little less financial stress (because you aren't risking with marketing), but you might have more interpresonal stress because you are working for the agent. He/she may have expectations (as he/she should) when it comes to sales, and that adds it's own new level of stress. You'll feel like you need to sell based on the leads given.... and you'll have benchmarks to hit...
• Or, go on your own. More financial stress, less interpersonal. You work for you. Greater upside potential.

 

[Tscholar]

I'm probably just echoing what others have said (didn't read it all).

If you do LOA, you shouldn't have as much up-front expense. So there is less risk. But, you also may never make $250,000 (yes, yes... I know... some people claim their LOAs do $250k but let's be real - that's R. A. R. E. and frankly, unlikely for most agents).

You could do north of $100,000 though as an LOA - and there's a good possibility of it. I know some shops treat their agents quite well and I know getting 100,000 as an LOA is likely. North of 200 is unlikely.

--

If you go full time, full control, on your own, not in an LOA - be prepared to spend a lot of time and money on marketing and selling. But the upside is really there. You can get great at it and have a very nice income.

Even if you aren't great (I'd put myself in that category - good, not a great), you can have an excellent income if you do it long enough and just stick with the program.

I'll outline the program for you:
- See people
- Ask questions
- Offer solutions
- Treat them well
- Rinse and Repeat

--

At the end of the day, this is how I would think of it.

• You can do LOA and earn $100k -- maybe have a little less financial stress (because you aren't risking with marketing), but you might have more interpresonal stress because you are working for the agent. He/she may have expectations (as he/she should) when it comes to sales, and that adds it's own new level of stress. You'll feel like you need to sell based on the leads given.... and you'll have benchmarks to hit...
• Or, go on your own. More financial stress, less interpersonal. You work for you. Greater upside potential.

wonder if they give small business grants to insurance agents?

 

[DonP]

You're speaking from your personal experience in the DSNP market. Non-DSNP and Med Supp market has almost no chargebacks outside of deaths and moving out of the area. But if you have a good rapport with your client base, they call you to help them when they know they'll be moving. So even if there is a chargeback on the MAPD or PDP, if you are licensed where they are moving, you get it back.

If Wendy goes loa day 1 I assure you she’ll be working dsnp /lis mkt . It’s were many agents get started and it’s a year round robust business .I’m running 93% 12 month persistency on dsnp/lis business which is considered incredible especially with the vol I do . 35 % of my book is non dsnp lis and yes that’s incredibly sticky business . But Wendy starting off will have chargebacks in the dsnp mkt . New agent starts today . You make $300 a sale . You spend $500 a week of leads ( wether Dm, Facebook or seminar ). Agent sells 10 a month which is tremendous . That’s $3 k a month commission but your spending $2 k plus gas and other exp’s . Your gone quick . Medicare unless your loa is not the business to start from scratch for most . The upfront commissions are too low . Loa $40 k salary and real leads way to go as your learn and sell . Then in 1-2 years break loose and go Indy . Another way is go part time Indy with another job for a few yrs as your renewals are building .

 

[Travis Price]

wonder if they give small business grants to insurance agents?

Grants, no... loans, maybe.

 

[Travis Price]

If Wendy goes loa day 1 I assure you she’ll be working dsnp /lis mkt . It’s were many agents get started and it’s a year round robust business .I’m running 93% 12 month persistency on dsnp/lis business which is considered incredible especially with the vol I do . 35 % of my book is non dsnp lis and yes that’s incredibly sticky business . But Wendy starting off will have chargebacks in the dsnp mkt . New agent starts today . You make $300 a sale . You spend $500 a week of leads ( wether Dm, Facebook or seminar ). Agent sells 10 a month which is tremendous . That’s $3 k a month commission but your spending $2 k plus gas and other exp’s . Your gone quick . Medicare unless your loa is not the business to start from scratch for most . The upfront commissions are too low . Loa $40 k salary and real leads way to go as your learn and sell . Then in 1-2 years break loose and go Indy . Another way is go part time Indy with another job for a few yrs as your renewals are building .

Telesales companies aren't necessarily DSNP.

You have insight on DSNP, but you don't really know the overall market.

 

[DonP]

I do know the overall mkt . Sure I could hire a phillipino telemarketer and work med sup . As I said you can do t-65 seminar . But all Thats slow and takes time . That’s great longer term business but won’t pay the bills in the first yr . As I said Medicare is a long term business .

 

[sman]

If Wendy goes loa day 1 I assure you she’ll be working dsnp /lis mkt .

Oh really? You know this for a fact? I'm not saying she wouldn't, but none of us know the details of the position she was looking into. We're all making assumptions.

I’m running 93% 12 month persistency on dsnp/lis business which is considered incredible especially with the vol I do .

Of course you are because you're Super Don. You tell us how awesome you are with the majority of your posts. As long as you believe it I guess that's all that matters.

 

[Travis Price]

I do know the overall mkt . Sure I could hire a phillipino telemarketer and work med sup . As I said you can do t-65 seminar . But all Thats slow and takes time . That’s great longer term business but won’t pay the bills in the first yr . As I said Medicare is a long term business .

You don't. It's why you don't know Medigap underwriting.

Again, you're making the convo about you. It's not about what I do or what you do. It's about the OP making the best decision for her.

Anyone can hire a telemarketer. It's not some super secret. It's pathetic that you think that's an original concept. The reason you don't do it is because it's easier to walk into a DSNP house, slap some lipstick on the pig and think you're actually helping people. Good for you.

You actually have to think when you do underwriting.

It's also why you think you'll get all these chargebacks on Medicare. That only applies to DSNP.

Not every call center runs DSNP as a focus. Learn some humility. People don't dislike you because you're successful. People dislike you because you're self centered and brag constantly about how great you are.